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May 16, 2023Yesterday at a glance: a tough start to the session saw price action reach a low of 45.01 cents before closing at 47 cents.
United States Core Retail Sales is next.
This uncertain state for OrganiGram Holdings is reflected by published market data as United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
A study of OrganiGram Holdings's chart reveals various key levels to watch: OrganiGram Holdings Inc. is approaching key support, around 3 cents away from 44.1733 cents. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that OrganiGram Holdings's upper Bollinger Band® is at 53.9574 cents and the lower is 46.1816 cents.
The current technical outlook indicates OrganiGram Holdings will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances were seen by other health care stocks as Stryker traded at $288.92 after closing yesterday's trading day at $285.47 (up 1.21%). Johnson & Johnson lost 0.77% yesterday and closed at $159.55. Novo Nordisk went down to $169.43, losing 1.07% after it closed at $171.27 yesterday.
Data to be released today might clear up some of the market fog as United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%, having previously been at -0.4%. The figure will be published today at 12:30 UTC. Projections for United States Crude Oil Inventories are set for a continuation of decline with -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.
Trending downwards for around 4 months. The medical cannabis provider has shed 44.16% over the past three months.
